Dealmaker: Landmark Properties, Blackstone Announce $784M Student Housing Venture

Landmark Properties, Athens, Ga., and Blackstone Real Estate Income Trust, New York, launched a joint-venture partnership to recapitalize eight student housing assets totaling 5,416 beds across the U.S.

TSB Capital Advisors, Phoenix, served as financial advisor to both Landmark Properties and BREIT.

Landmark Properties President and CEO Wes Rogers said he has long believed student housing in top markets offers a compelling investment opportunity, “particularly when well located, developed with the type of high-quality amenities students expect and managed to an institutional standard.”

Blackstone Real Estate Senior Managing Director Jacob Werner noted the portfolio is weighted toward well-located assets at leading U.S. universities with growing enrollments. “Student housing has a history of being resilient while generating strong cash flows and this transaction is consistent with BREIT’s strategy of acquiring high-quality, income-generating properties that have attractive long-term growth potential,” he said.

With $7.7 billion of assets under management, Landmark Properties’ portfolio includes more than 75 student housing properties across the country with more than 50,600 beds, including $3.5 billion in assets currently under construction.